1.)
Actual Cost |
Standard Cost |
|||||||||
Actual qty |
Actual Price |
Actual cost |
Actual qty |
Standard price |
Standard Cost of Actual qty |
Standard Quantity |
Std price |
Standard cost |
||
32000lbs |
$ 5.85 |
$187200 |
32000 lbs |
$ 5.80 |
$ 185600 |
31515 |
$5.80 |
$182787 |
||
Material Price Variance |
1600 U |
Material Quantity Variance |
2813 A |
|||||||
Material Price Variance |
1600 |
U |
||||||||
Material Quantity Variance |
2813 |
U |
||||||||
Total Material Cost Variance |
4413 |
U |
||||||||
2)
Actual Cost |
Standard Cost |
|||||||||
Actual Hours |
Actual Rate |
Actual Cost |
Actual Hours |
Standard Rate |
Standard Cost of Actual hours |
Standard Hours |
Standard Rate |
Standard Cost |
||
10610 |
$ 20.60 |
$218566 |
10610 |
$21.60 |
$229176 |
10505 |
$21.60 |
$226908 |
||
Labour Rate Variance |
10610 F |
Labour Efficiency Variance |
2268U |
|||||||
Labour Rate Variance |
$ |
10610 F |
||||||||
Labour Efficiency Variance |
$ |
2268 U |
||||||||
Total Labour Cost Variance |
$ |
8342 F |
||||||||
Working Notes:
Material Price Variance=(Standard Price-Actual Price)*Actual Quantity Purchased
Material Price Variance =(5.80-5.85)*32000=1600(U)
Material Quantity Variance=(Standard Quantity-Actual Quantity)*Standard Price
Material Quantity Variance=(31515-32000)*5.80=2813(U)
Direct Labour Rate Variance=(Standard Rate/hour-Actual Rate/hour)*Actual hours
=(Standard rate*Actual hours-actual rate*Actual hours)
= $21.60*10610 hours-$ 218566=$ 10610(F)
Direct Labour Efficiency Variance=(Standard hours-Actual hours)* Standard rate/hour
=(10505 hours-10610 hours)*$ 21.60= $ 2268(U)
8-15 The following information describes production activities of Mercer Manufacturing for the year. Actual direct materiaïs...
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